Asian stocks rise, investors scrutinize regional and US data by Investing.com


© Reuters.

By Gina Lee

Investing.com – Asia-Pacific stocks were mostly higher on Monday morning after the release of extensive economic data in the region and US investors are also assessing how long the US Federal Reserve will continue with its current accommodative monetary policy.

China edged up 0.18% at 10:30 p.m. ET (2:30 a.m. GMT) and edged up 0.09%.

The, released earlier today, was at 50.3 in June, lower than the 55.1 figure released the month before. Chinese and the data is also due later in the week.

The Cyberspace Administration of China also excluded giant Didi (NYSE 🙂 from its offerings, just days after Didi registered in New York. Investors will also be alert to any nervousness when the Chinese stock market opens.

Hong Kong advanced 0.03%.

Japan’s was down 0.59% on June to a higher than expected 48.

The edged up 0.15% in Australia, to slightly better than forecast of 56.8. The Australian, meanwhile, posted better-than-expected 0.4% month-on-month growth in May.

Parliament is also due to deliver its political decision on Tuesday.

South Korea rose 0.46%.

U.S. markets are closed for a holiday, but hit a record for a seventh day on Friday after the latest U.S. jobs report hinted the U.S. economy was continuing to recover from COVID-19, but not quickly enough for the Fed to start reducing its assets. .

The report says growth rose 850,000 more than expected in June, while it was also higher than expected at 5.9%.

While the data has allayed fears that the Fed could act on the hawkish stance it took when it took its own in June, central banks around the world are already starting to withdraw the unprecedented stimulus unleashed to counter the economic impact of COVID-19.

The RBA is expected to cut some stimulus in its decision, even though some cities remain stranded due to the country’s latest COVID-19 outbreak.

“The markets are valued for the pursuit of a scenario that could not be better constructed … investors live with risks that are considered manageable while the growth and technical configuration of our financial system rewards the capital allocated to the market. risk, ”Chris Iggo, chief investment officer of AXA Investment Managers, said in a note.

Investors are now waiting for the, due later in the week. Meanwhile, finance ministers and central bankers from the Group of 20, or G20, will meet in Venice on Friday.

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